@book{jones_2013, title={Investments: Analysis and management}, publisher={Hoboken, NJ: John Wiley & Sons}, author={Jones, C. P.}, year={2013} }
 @book{jones_2010, title={Investments: Analysis and management (11th ed.)}, ISBN={9780470477120}, publisher={Hoboken, NJ : John Wiley & Sons, Inc}, author={Jones, C. P.}, year={2010} }
 @article{jones_2008, title={Analyzing and estimating real stock returns}, volume={34}, ISSN={["2168-8656"]}, DOI={10.3905/jpm.2008.706238}, abstractNote={What is the likelihood that real stock returns will average approximately 7% in the future, as they have done in the past? The author addresses this issue by analyzing the components of real stock returns over the period 1926 to 2005. The analysis allows investors to both understand real stock returns and make informed estimates of average real returns going forward. Although the typical case being made today for lower stock returns in the future is apparent, given today's significantly lower dividend yield, the author explores the conditions under which real returns can continue at their historical average. Using this framework, investors can easily substitute their expectations about real earnings growth and market valuations into the model to make intelligent estimates of average real returns over some future period.}, number={3}, journal={JOURNAL OF PORTFOLIO MANAGEMENT}, author={Jones, Charles P.}, year={2008}, pages={12-+} }
 @article{jones_wilson_2006, title={Using the supply-side approach to understand and estimate equity returns - Advantages of a disciplined framework.}, volume={33}, ISSN={["2168-8656"]}, DOI={10.3905/jpm.2006.661378}, abstractNote={A supply-side analysis of the average stock returns over 1926-2004 helps us see how components that include real earnings growth and the price-earnings ratio have contributed to the average total return. The long-run sustainable average equity return can be expressed as a benchmark expected equity return. An innovation is that investors can use a supply-side model as a disciplined framework for estimating average equity returns over much shorter periods than the 80-year sample analyzed.}, number={1}, journal={JOURNAL OF PORTFOLIO MANAGEMENT}, author={Jones, Charles P. and Wilson, Jack W.}, year={2006}, pages={76–85} }
 @book{jones_2004, title={Investments: Analysis and management (9th ed.)}, ISBN={0471456667}, publisher={Hoboken, NJ: John Wiley & Sons}, author={Jones, C. P.}, year={2004} }
 @article{jones_wilson_2004, title={The changing nature of stock and bond volatility}, volume={60}, DOI={10.2469/faj.v60.n1.2595}, abstractNote={This article examines the changing nature of U.S. stock and bond risk from 1871 through 2000 and the implications for asset allocation. Using geometric means and standard deviations, we examine nominal and inflation-adjusted monthly returns over nonoverlapping 5-year periods, as well as annual returns over periods of approximately 25 years, and we document how stock and bond volatility changed over the period. Our analysis suggests that the relative change in the volatility of stocks and volatility of bonds over the past 50 years has increased the importance of stocks in asset allocation. The change is even more pronounced when inflation is considered. This article examines the changing nature of stock and bond risk from 1871 through 2000 and the implications for asset allocation. Using geometric means and standard deviations, we examine nominal and inflation-adjusted monthly returns over five-year periods, as well as annual returns over periods of approximately 25 years, and document how stock and bond volatility changed over the sample period. Our analysis suggests that the change in the relative volatility of stocks and bonds over the past 50 years has increased the attractiveness of stocks in asset allocation, and the change is even more pronounced when inflation is considered. Since about 1940, stock volatility has fluctuated in a narrow range, and both low and high mean stock returns have been associated with similar levels of volatility. But bond volatility increased during the last 35 years of the series. The best 5-year nominal mean returns on bonds occurred during a 10-year period when bond volatility was at its highest level in history. The geometric mean nominal returns of stocks exceeded those of bonds in 18 of the 26 nonoverlapping five-year periods. Inflation-adjusted geometric mean stock returns were negative in only 3 of the 26 periods, but for bonds, they were negative in 10 of the 26 periods. The inflation-adjusted geometric standard deviation of bonds was 30 percent higher than the nominal standard geometric deviation for the 1871–2000 period. For stocks in this period, however, there was little difference between inflation-adjusted and nominal geometric standard deviations. The relative riskiness of stocks and bonds has undergone a long-term change. Until roughly 1950, the ratio of the two variances (stocks to bonds) was much greater than it has been subsequently except for a single five-year period. An examination of five-year standard deviations indicates that bond risk has increased since the 1960s whereas stock risk has remained relatively steady. The correlation between bond returns and stock returns, although fluctuating, has been increasing. Combined with the increase in bond volatility relative to stock volatility, this rising correlation has important implications for asset allocation. Our analysis of the nominal risk–return trade-off available to investors shows that the situation changed after World War II. For the later two 25-year periods examined here, a 100 percent bond portfolio, or a portfolio invested primarily in bonds, compared unfavorably on a return–risk basis with several portfolios that had larger stock allocations. This outcome was most pronounced in the last period, 1974–2000, when a 70/30 stock/bond allocation had less risk and a much larger return than did a 100 percent bond portfolio. Clearly, during the last half of the 20th century, the changes in relative stock and bond volatility increased the attractiveness of stocks relative to bonds. On an inflation-adjusted basis, the case for portfolios heavily invested in bonds is even weaker than it is on a nominal basis. Bonds are affected more severely when adjusted for the increased risk caused by the covariance of nominal bond returns and inflation.}, number={1}, journal={Financial Analysts Journal}, author={Jones, C. P. and Wilson, J. W.}, year={2004}, pages={100–113} }
 @book{jones_2003, title={Mutual funds: your money, your choice: take control now and build wealth wisely}, ISBN={0131004425}, publisher={Upper Saddle River, NJ: Financial Times/Prentice Hall}, author={Jones, C. P.}, year={2003} }
 @article{wilson_jones_2002, title={An analysis of the S&P 500 Index and Cowles's extensions: Price indexes and stock returns, 1870-1999}, volume={75}, ISSN={["0021-9398"]}, DOI={10.1086/339903}, abstractNote={This article provides a consistent monthly stock price index from January 1871 through 1999. The broadly defined S&P Weekly Index is reconstructed from 1918 and carried forward as the S&P 500 Composite Index to the present. Cowles's monthly index is improved in order to provide month-end estimates from February 1885. Cowles's estimates of dividends and earnings for this index from 1871 are reevaluated and are carried forward until spliced to the S&P daily estimates that began in 1957. The result is a monthly index of prices, dividends, and earnings based on consistent definitions over a period of 130 years.}, number={3}, journal={JOURNAL OF BUSINESS}, author={Wilson, JW and Jones, CP}, year={2002}, month={Jul}, pages={505–533} }
 @article{jones_wilson_lundstrum_2002, title={Estimating stock returns - Should investors expect less in the future?}, volume={29}, ISSN={["2168-8656"]}, DOI={10.3905/jpm.2002.319862}, abstractNote={How do we quantify the level of return that an investor can expect in the future? An examination of the historical distribution of total returns reveals declines in dividend yields and new likely lower boundaries for price appreciation. It is often asserted that low dividend yields brought about by higher earnings retention should be followed by greater price appreciation as a firm invests retained earnings into new projects. The available recent evidence refutes this assertion. Barring some significant reversal of current conditions, short-term and possibly intermediate-term returns from stocks will be lower than what many investors may be anticipating.}, number={1}, journal={JOURNAL OF PORTFOLIO MANAGEMENT}, author={Jones, CP and Wilson, JW and Lundstrum, LL}, year={2002}, pages={40-+} }
 @book{jones_2002, title={Investments: Analysis and management (8th ed.)}, ISBN={0471416738}, publisher={New York: J. Wiley & Sons}, author={Jones, C. P.}, year={2002} }
 @book{jones_2000, title={Investments: Analysis and management (7th ed.)}, ISBN={0471331147}, publisher={New York: John Wiley & Sons}, author={Jones, C. P.}, year={2000} }
 @article{jones_wilson_1999, title={Expectations about real returns - Are they realistic?}, volume={25}, ISSN={["2168-8656"]}, DOI={10.3905/jpm.1999.319731}, abstractNote={In this article, the authors provide empirical evidence concerning real returns for stocks and bonds in order to consider their impact on spending rules for large portfolios. Their analysis of the data supports the argument that 5% (or higher) real returns are not sustainable in the long run. Therefore, an endowment fund that is invested in equities, spends 5% a year, and earns the real return on stocks will, in all likelihood, see its market value decline below the beginning value at some point, absent new contributions. The actual record, shown in the article from probability standpoint, could lead institutional investors in particular to reformulate their expectations about real returns, and may also influence individual investors' expectations about future real returns.}, number={2}, journal={JOURNAL OF PORTFOLIO MANAGEMENT}, author={Jones, CP and Wilson, JW}, year={1999}, pages={45-+} }
 @article{jones_wilson_1998, title={Asset allocation decisions: Making the choice between stocks and bonds}, DOI={10.3905/joi.1999.319385}, abstractNote={Given renewed interest in bonds, this article considers asset allocation decisions in the context of realized returns for bonds and stocks. The study is based on new and improved data on bond returns covering long periods of time as well as calculations of the probabilities associated with stock bond returns. An analysis of these probabilities using inflation-adjusted returns suggests that the probability of earning sizable compound rates of return with bonds is not only small, but also declines over time. Therefore, despite recent strong performance by bonds, our results suggest investors should be cautious in making asset allocation decisions.}, number={1998}, journal={Journal of Investing}, author={Jones, C. P. and Wilson, J. W.}, year={1998} }
 @book{jones_1998, title={Investments: Analysis and management}, ISBN={0471169595}, publisher={New York: John Wiley & Sons}, author={Jones, C. P.}, year={1998} }
 @article{wilson_jones_1997, title={Long term returns and risk for bonds}, volume={23}, ISSN={["0095-4918"]}, DOI={10.3905/jpm.1997.409603}, abstractNote={CHARLES P. JONES is GLU professor of 6nance at the College of Management of North Carolina State University in Raleigh (NC 27695). D espite the vast amount of information available about bond yields and returns, there are differences in the data series involving this important asset class. A good example is seen in the Treasury bond data for 1994. For long-term Treasuries for 1994, Ibbotson Associates reports the yield increasing from 6.54% to 8.09%, for a total return of -7.77%. In contrast, the Lehman Brothers long-term Treasury index shows yields rising from 6.42% to 7.98%, for a total return of -6.94%, a substantial difference in reported results. Some vendors of bond data complain about the validIty and usefulness of competing sources of data supplied to users. There are also gaps in bond data when compared to common stocks, for which we have reconstructed the SP Schwert [1990] has extended market data even farther back. Meanwhde, the experience of bondholders over the years provides strong evidence that bonds are a risky asset for whch reliable, long-term information is needed. This article provides an independent estimate of monthly yields and returns for both government and corporate bonds over a very long period of time. These data are consistent and reliable, and can easily be updated by users of such data on a real-time basis with the methodology outhned here. This data series provides additional insights into the long-term returns and risks from bonds; furthermore, the data are realistic estimates of the actual}, number={3}, journal={JOURNAL OF PORTFOLIO MANAGEMENT}, author={Wilson, JW and Jones, CP}, year={1997}, pages={15-&} }
 @article{jones_wilson_1995, title={PROBABILITIES ASSOCIATED WITH COMMON-STOCK RETURNS}, volume={22}, ISSN={["2168-8656"]}, DOI={10.3905/jpm.1995.409544}, abstractNote={CHARLES P. JONES is the Gill professor of finance, and JACK W. WILSON is professor of business management, at North Carolina State University in Raleigh (NC 27695-7229). A n issue of obvious importance to investors and investment professionals is the rate of return and risk to be expected from invest.ing in common stocks. For guidance based on historical results, they can refer to published analyses of realized returns such as those produced regularly in Stocks, Bonds, Bills and Inflation [1994] or the much longer time series presented by Wilson and Jones [ 19871, both involving S&P 500 composite index data. For example, as a result of the Ibbotson data, many investors have heard that the annual rate of return from the begmning of 1926 through the end of any recent year was about lo%, with a standard deviation of approximately 20%. Investment advisory services and various publications often use 10% as the annual rate of return that investors have earned, and therefore should expect to earn, on average, from investment in common stocks. Despite the summary information available on realized rates of return from common stocks and the widely known 10% average rate of return, legitimate and important questions remain. What are the actual probabihties of earning at least a 10% rate of return on common stocks over various holdmg periods, given the historical rates of return that occurred? Should investors expect to earn this average 10% rate of return with a high degree of certainty as the holding period increases, as, according to many observers, time diversification sipficantly reduces the risk of investing?' What are the probabilities associated with various rates of return and}, number={1}, journal={JOURNAL OF PORTFOLIO MANAGEMENT}, author={JONES, CP and WILSON, JW}, year={1995}, pages={21-+} }
 @book{jones_1994, title={Investments : analysis and management}, ISBN={0471590657}, publisher={New York : Wiley}, author={Jones, C. P.}, year={1994} }
 @book{jones_1992, title={Introduction to financial management}, ISBN={0256073112}, publisher={Homewood, IL : Irwin}, author={Jones, C. P.}, year={1992} }
 @article{wilson_jones_1987, title={A COMPARISON OF ANNUAL COMMON-STOCK RETURNS - 1871-1925 WITH 1926-85}, volume={60}, ISSN={["0021-9398"]}, DOI={10.1086/296394}, abstractNote={Lawrence Fisher and James H. Lorie, and Roger G. Ibbotson and Rex A. Sinquefield have documented annual returns on common stocks since 1926. Prior to 1926, due to the work of the Cowles Commission, annual returns can be extended back to January 1871. This study utilizes Alfred Cowles's reconstruction of common stock returns to provide a comparison between the periods 1871-1925 and 1926-85. A comparable series of annual returns over the complete 115-year period is developed in both nominal and inflation-adjusted terms. The comparison of the two periods suggests that the inflation-adjusted return averages 6.6 percent with similar variability between the two periods. Copyright 1987 by the University of Chicago.}, number={2}, journal={JOURNAL OF BUSINESS}, author={WILSON, JW and JONES, CP}, year={1987}, month={Apr}, pages={239–258} }
 @book{charles p. jones_heaton_1977, title={Essentials of modern investments}, publisher={New York: Ronald Press,|cc1977}, author={Charles P. Jones, Donald L. Tuttle and Heaton, Cherrill P.}, year={1977} }
 @book{latane_tuttle_jones_1975, title={Security analysis and portfolio management (2nd ed.)}, publisher={New York: Ronald Press Co.}, author={Latane, H. A. and Tuttle, D. L. and Jones, C. P.}, year={1975} }
 @article{latane_joy_jones_1970, title={QUARTERLY DATA, SORT-RANK ROUTINES, AND SECURITY EVALUATION}, volume={43}, ISSN={["0021-9398"]}, DOI={10.1086/295305}, number={4}, journal={JOURNAL OF BUSINESS}, author={LATANE, HA and JOY, OM and JONES, CP}, year={1970}, pages={427–438} }